Spain's Ibex 35 looking for a pullback.

23 thg 10, 2013

Spain's Ibex 35 is looking like it's starting a correction. The Williams%R gave a sell signal by breaking 20. Also, from previous high to current high there was a turn window using Lucas Series #'s. There is another Lucas Series # from June 2012 low to current highs that is signaling a turn window. With two turn windows pointing to the same area, the Ibex reached a 1.272 extension = level of confluence giving sign of a pullback.

I believe it could pullback to the 50% to 61.8% fib levels as support, a break below the 61.8 fib would not be good for the Ibex's current bull run.